Pilot for QR Code-based vending machine coming: RBI

The Reserve Bank of India on Wednesday said it’s preparing a pilot project on QR Code based Coin Vending Machine (QCVM) in collaboration with a few leading banks. The QCVM is a cashless coin dispensation machine which would dispense coins against a debit to the customer’s bank account using Unified Payments Interface (UPI). The QCVM would eliminate the need for physical tendering of banknotes and their authentication, the RBI said.

Customers will also have the option to withdraw coins in required quantity and denominations in QCVMs, according to the RBI. The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country.